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Sri Lanka parliament rejects raising $3.0 bn in bonds

Sri Lanka's parliament has shot down proposals for a $3 bn bond planThe government of Prime Minister Ranil Wickremesinghe had asked the 225-member legislature to approve increasing the treasury bond limit by 400 billion rupees ($3.0 billion) to 1,250 billion rupees. Finance Minister Ravi Karunanayake played down the setback, saying the rejection of the resolution did not prevent the government tapping into bonds and raising money at rates higher than in the treasury bill market. He said he had wanted to retire high cost bonds by issuing shorter term, lower interest treasury bonds with a maturity of one year or less. Deputy Economic Development Minister Harsha de Silva said the rejection would mean the state having to borrow at rates of 10 to 11 percent compared to the treasury bill rate of about 7.5 percent.

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